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I’ve posted a few times in the past few months about my adventures looking for a house or apartment.
At the moment I’ve had to suspend the hunt.
Why?
I’m currently waiting on the bank to get back to me about a mortgage. If I get mortgage approval then I can forge ahead, but without knowing what way the bank is going to respond I can’t do much more.
The events of recent weeks, with most of the world’s financial institutions coming close to bankruptcy and stock exchanges crashing etc. etc., does not help.
I suspect that any mortgage applications they receive at present are being scrutinised a lot more closely, which might explain why I’ve been waiting.
In the meantime all I can do is try building up my “nest egg”.
Of course if I won the lottery all these issues would vanish!
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Caution on the part of the lenders is part of it,t but they are also baulking at the high price of borrowing money themselves on the international markets. As the slowdown begins to really bite, it will get worse, as a decline in domestic deposits (newly unemployed people will stop saving ‘spare’ cash, or even eat in to their ‘rainy day’ savings) will mean a greater need for the banks to source finance externally.
I had an AIB staff member tell me that every thing was fine and rosy, that mortgages were no harder to get now than they were three years ago. That was on Thursday night – AIB announced that they would no longer offer tracker mortgages from Friday morning!
Francis
It will probably get even worse after next week’s budget!
Michele
If I were you I’ll sleep on it until next summer the least.
The property market is changing big-time and what you buy now might not be worth as much in 6 months time…
Wait till prices hit rock bottom. but when everyone waits till they hit rock bottom the actual rock bottom will be a lot lower. you might not even need a mortgage 🙂
Oops, I just added to the previous blog entry. Waiting is a good thing, as it bolsters the nest egg and things can only work out better for house-buyers over the coming months.
About once a week, my husband and I comment that we were really lucky to have applied for our mortgage when we did. I’m pretty sure that with the current level of scrutiny and credit crunching, we’d be out of luck as our application was pretty half-arsed and marginal as it was.
Might be better all round to hold off until the new year at least. The banks are causing major problems for people at the mo.
DTZ Sherry FitzGerald and Sherry FitzGerald nationwide are leaving people go and there are redundancies before Christmas! Some with just one months notice.